According to the reports published by Market Research Future Reports, the global nitrocellulose market is set to proliferate by approximately USD 950 million by 2022. Nitrocellulose is known as guncotton and is a highly inflammable compound. Generally, nitrocellulose is added to inks or used for coatings and imparts unique characteristics such as excellent adhesion, superior drying properties, and high solubility.
Global Nitrocellulose Market Drivers & Trends
Since the past decades, there has been a significant rise in printing ink applications, which is now expected to have a positive impact on market growth. Also, some physical properties such as better adhesion and non-reactivity to other paints are likely to complement the overall demand of the nitrocellulose market. The nitrocellulose has definite application scope in leather finishes, nail varnishes, printing ink, automotive paints, and wood coatings as it carries properties such as high flexibility and adhesiveness. These are some essential factors that are driving nitrocellulose market exponentially over the forecasted period. Also, growth in online shopping coupled with changing lifestyle products may also enhance the sale of furniture. This would also count as boosting market demand for nitrocellulose.
Furthermore, swelling use of nitrocellulose-based ink in flexography and gravure painting for its high quality and durable color paint is highly predicted to fuel the demand for Nitrocellulose Market in the forecast period. With this, the increasing per capita disposable income mainly in developed and developing region along with cumulative use of cosmetic items is thus estimated to drive the market growth in positive ways. On the other hand, increasing the manufacturing of vehicles combined with the demand for safety features is also attributing to the growth of the automotive market and driving the demand for Nitrocellulose exponentially. Even leather materials are coated with nitrocellulose that induces proper finishing thus, protecting from heat and moisture. Having such a prominent feature, the market for nitrocellulose is proliferating year by year and will gain more valuation by the year 2022. Precisely, nitrocellulose is gaining significant traction from the leather manufacturing industries and automotive industry while an increase in uses of it in the finishing process.
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Global Nitrocellulose Market Segmentation
In the reports by MRFR, the global nitrocellulose market has been segmented based on the product, application, and region for the forecasted period 2016 to 2022.
Segmentation by product, the market is categorized as M grade cellulose, E grade cellulose, and others. In M grade cellulose, nitrocellulose is highly applied in consumer products such as thickener and emulsifier in lubricants in nutritional supplement capsules and others.
Based on application, the global nitrocellulose market is segmented into printing inks, automotive paints, wood coatings, leather finishes, nail varnishes, and others. Out of which, print inking inks is driven by technology advancement and eco-friendly inks and is the largest application industry of nitrocellulose market. While automotive paints are the second largest segment in Nitrocellulose, on the other hand, wood coating manufacturing process also highly utilize nitrocellulose, as it has the ability to coat multiple time and it is user-friendly. Due to these factors’ nitrocellulose is expected to witness significant growth in the forecasted period.
On a geographical note, Asia-Pacific region leads the nitrocellulose market in terms of both, volume and value, which is expected to proliferate significantly at a higher CAGR by 2022. In the Asia Pacific, China has been a significant revenue generating country owing to growing end-user industry and an increase in the consumption rate of chemicals by manufacturers. Also, substantial expansion scope in the automotive industry in India, South Korea & Taiwan, and leather industries in Vietnam may enhance the market growth. Besides, a surge in personal care and cosmetic products demands from the middle-class population may also stimulate the global nitrocellulose market substantially.
Whereas, North America for second market share in this segment. North America led by the U.S. nitrocellulose market may also witness gains of market by the end of the forecast period. U.S. market, driven by wood coatings and printing ink applications segment along with increased spending on lifestyle products and growing e-commerce industry may boost regional market growth during the projected period.
Europe is now estimated to witness moderate growth on account of rising demand from the automotive sector. Furthermore, stringent regulations for the storage and usage of this product have led to increased innovation and development in this sector.
According to MRFR’s reports, the key players of global nitrocellulose market are Atomax Chemicals Co., Ltd., Nitro Quimica, Hubei Xuefei Chemical, Hengshui Orient Chemical Co., Ltd., Nobel NC, IVM Chemicals, Synthesia, antong Tailida Chemical Co., Ltd., and Nitro Chemical Industry Co., Ltd.
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